UPDATE: Miller Tabak Reiterates Buy Rating, Lowers PT for FirstMerit

In a report issued earlier today, Miller Tabak + Co., LLC reiterated its Buy rating for FirstMerit Corporation (NASDAQ: FMER) and slightly lowered its price target from $18.64 to $18.48.

Miller Tabak said in its report “After expanding its core franchise by over 30% in 2010, FMER took a break from deal activity in 2011. With credit metrics improving solidly, the Chicago franchise thoroughly assimilated into FMER's management system, and the core operating expense base becoming streamlined, we now expect to see renewed acquisition activity by FMER in 2H 2012. FMER has the lowest "deadweight" ratio of non-performing assets of any regional bank in our coverage - at 0.53% of earning assets - and is extremely well positioned to expand its franchise via acquisition, with or without FDIC assistance.”

FirstMerit Corporation closed yesterday at $16.75.